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With only 15 days until tax deadline, the U.S. Department of Health and Human Services is reminding taxpayers this is the first year health coverage requirements affect tax returns.
Those without health insurance may face fines. Penalties range from $95 per person, $47.50 per child under 18 or one percent of their total household income.
The HHS office offers the following tax filing tips:
• Most taxpayers will need to check a box indicating everyone in the household was covered under a health insurance policy.
• Those who acquired insurance from the Marketplace will receive a 1095A form to ensure the proper tax assistance is applied. Most forms are available online through the Marketplace or call the Marketplace Call Center at 1-800-318-2596.
• If health insurance was unaffordable, taxpayers are advised to use the exemption tool to apply for an exemption status. The tool is available at HealthCare.gov.
• Sign up for health insurance for 2015 and avoid increased penalties next tax season. A special enrollment period is open from March 15 to April 30. Fines will increase to 2.5 percent of total income or $695 per person next year.
• Call the Marketplace at 1-800-318-2596 or find additional tax filing resources at www.healthcare.gov/taxes.